Page 11 - 3Q 2017 Reporter

P. 11

Political Contributions continued

ILLINOIS ELECTION LAW LIMITS ON ILLINOIS HOLDING COMPANY
CONTRIBUTIONS LIMITATION

In Illinois, candidate political committees are set up by In view of pertinent statutory authority, including
the candidate or any group of persons designated by state law, federal law, and government publications,
the candidates that accepts contributions or makes there does not exist a prohibition on an Illinois bank
expenditures during any 12-month period in an holding company or savings association holding
aggregate amount exceeding $5,600.00 on behalf of company from making political contributions in
the candidate. According to the Illinois State Board connection with state or local elections as long as
of Elections, effective January 1, 2017, contributions the funds for the contribution are not derived from
to a Candidate Political Committee are limited to the related national bank’s operating fund or the
$11,100.00 from a corporation and $5,600.00 from an federally chartered savings association’s operating
individual. Similarly, candidates with a Political Action fund. Instead, such funds should be derived solely
Committee or a Political Party Committee may accept from the holding company’s own funds independent
contributions from corporations as well as individuals, of the national bank or federally chartered savings
subject to the respective contribution limitations association funds; however, any such contributions
($22,200.00 from a corporation and $11,100.00 from are subject to the limits of Illinois election law.
an individual).

Welcoming

Joel Rietveld

to EBN

EBN is excited to add Joel’s
substantial experience in
assisting banks manage

their investment portfolios.
Let EBN tell you how we can
share our insights to help
improve your bank’s

investment income.

8
Third QuarTer 2017 IllInoIs RepoRteR

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